A business name is the legal title a business uses for trading and all formal services. It reflects the identity and promotes the business. A name is very powerful and conveys a great deal about a business.
Picking a name is the most important step after making a decision to start a business. Questions that should be asked include:
-What does your business name communicate?
-Does it appeal to potential customers?
-Is it memorable?
-Is it catchy?
Here a few examples;
Jumia – The Swahili word for community or friendship
Equifax– Equitable and factual
Daewoo– Great house
Accenture– Accent from the future
Coca Cola– Cocoa and Kola, changed to Cola for aesthetics by Pemberton
Apple– Steve Jobs’ favourite fruit
So what should be considered when coming up with a business name?
- The business name has to be unique; it has to stand out from the crowd, be catchy and be memorable.
- The name must have traditional spellings and should also avoid being over creative so that you don’t have to continuously explain the meaning of your business name. If you have to do that all the time then it is time for a name change.
- Your business name should be straightforward and easy to pronounce; avoid tongue twisters. Some names are just plain ridiculous but some companies took big risks and survived e.g. Google and Yahoo.
- Your business name should match your business in order to remind customers what services you provide.
- Before settling on a name, check for the availability of the domain name as well because it is professional for company name and domain name to match.
- Avoid picking names that don’t allow your business to move around or add to its product line e.g. Adele’s Laundry
When you come up with a few different name choices, it is advised that you try them out on potential customers, investors, and co-workers. Ask questions about the names to see if they give off the impression you desire. If not, come up with a new list and try again until you have the ‘one’.
Once you have a name, it’s time to start your business.